Cointime

Cointime

Download App
iOS & Android

Bitcoin nears pre-halving 'target zone' toward $50K BTC price

Bitcoin is nearing a key Fibonacci retracement level which could mark the top of its “pre-halving rally.”

That is according to popular social media trader Titan of Crypto, who on Nov. 19 reiterated a pre-halving BTC price target of up to $50,000.

Trader: $39,000 is pre-halving BTC price target range floor

Bitcoin faces stiff resistance sliding back to the $40,000 mark; several attempts to crack it have failed in the past week.

As Cointelegraph reported, the area immediately below also holds significance for aggregate market profitability, with $39,000 likely a breakeven point for those who bought in during the 2021 bull market.

Titan of Crypto has also flagged $39,000 as an important boundary — this time, however, as the bottom of where BTC/USD should end up prior to the April 2024 block subsidy halving event.

“The pre halving rally I told you about one year ago is about to reach its target zone between $39k-$50k,” he told X subscribers, adding that “patience is key.”

The update referenced an original post from December 2022, when Bitcoin was still preparing to recover from a trip to two-year lows of $15,600.

Then, Titan of Crypto used Fibonacci retracement levels to predict a pre-halving peak of up to $50,000 — at the time a 220% increase.

“Each cycle BTC had a rally before its halving occurs. Those rallies topped within the 61.8%-78.6% fibonacci retracement area,” part of commentary noted at the time.

BTC/USD chart with Fibonacci retracement data. Source: Titan of Crypto/X

Consensus grows on Bitcoin heading higher

Other BTC price predictions give similar targets before the halving.

Related: Bitcoin institutional inflows top $1B in 2023 amid BTC supply squeeze

Filbfilb, co-founder of trading suite DecenTrader, continues to give an area around $46,000 as “likely,” despite not discounting the probability of a BTC price dip between now and then.

What might happen after the halving, however, is a more bullish question for many, with forecasts including $130,000 or more by the end of 2025.

To the immediate downside, meanwhile, $30,900 has entered as a floor for Bitcoin’s next potential correction. A move lower to test liquidity, some argue, would be healthy, as well as a classic part of Bitcoin market uptrends.

BTC/USD currently trades at $36,500, per data from Cointelegraph Markets Pro and TradingView, having tracked sideways throughout the weekend.

BTC/USD 1-hour chart. Source: TradingView

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Comments

All Comments

Recommended for you

  • Cointime May 12 News Express

    1.The number of Bittensor subnets for the AI ​​project will increase to 64, and 1024 subnets will be achieved this year2.Trader predicts Bitcoin price will reach $350,0003.vladilena.eth redeemed 1930 weETH from Zircult, suspected of selling4.Solana’s on-chain DEX transaction volume yesterday exceeded the sum of five chains including Ethereum, BSC, and Arbitrum5.RSS3 VSL locked-in amount surged in the past two days and is close to 200 million US dollars 6.The transaction volume of Club Key on friend.tech platform exceeded 1 million7.Lido has paid out more than 516,000 ETH in staking rewards, equivalent to approximately $1.51 billion8.1,000 BTC transferred from TronDAO to an unknown new wallet9.Report: Justin Sun deposited 120,000 eETH into Swell L2, worth $376 million10.1707.36 BTC have flowed out of Binance in the past 7 days

  • Xinjiang launches special campaign to combat illegal fundraising, with key areas including virtual currency, blockchain, etc.

    According to Chang'an Xinjiang Public Account, Xinjiang Autonomous Region and Corps have launched a joint special action to crack down on illegal fund-raising, with key areas including third-party wealth management, fake private equity, fake gold exchange and other traditional fields, as well as emerging fields such as virtual currency, blockchain, cultural tourism, film and television investment, and debt resolution services. It is reported that key cases include cases involving more than 100 million yuan and cases that have been criminally filed for more than five years.

  • A British court has postponed the final sentencing of Wen Jian, a British-Chinese national involved in the country's largest Bitcoin money laundering case, until May 24.

    On May 11th, it was reported that Jian Wen, a 42-year-old British Chinese citizen, was found guilty of "participating in arranging money laundering" in the UK's largest Bitcoin money laundering case. He could be sentenced to up to 14 years in prison. Jian Wen's defense lawyer, Mark Harries, stated that due to the judge's busy schedule, the UK court has postponed Jian Wen's final sentencing, which was originally scheduled for May 10th, to May 24th.

  • Web3 startup Star Nest completes $6 million in Pre-A round of financing

    Hong Kong Web3 music startup Star Nest announced that it has completed a $6 million Pre-A round of financing, led by Chuangqi International Limited, a wholly-owned subsidiary of Hong Kong Stock Exchange-listed company Guofu Innovation. Star Nest will collaborate with Armonia Meta Chain to develop the Star Nest SpaceStar metaverse game, which includes music, role-playing, and social features.In addition, Star Nest plans to launch its NEST project in the third quarter of 2024. Nest will receive 2.1 billion NEST tokens tailored for the project, and Star Nest will use the NEST token to build a more complete music industry token economic system. The NEST token will be widely used for purchasing performance tickets, chain game cooperation, metaverse consumption, governance voting, and other activities.

  • Over $594 million worth of PYTH is staked

    According to Dune data,  there are currently 1,201,167,362 PYTH tokens in the staked state, with a total staked value exceeding $594 million. The number of PYTH stakers has reached 151,211.

  • US Department of Justice: Tornado Cash indictment has nothing to do with "free speech"

    On May 11th, the US Department of Justice explained why the motion to dismiss the criminal case against Tornado Cash founder Roman Storm was invalid. The Department of Justice reiterated that their indictment was not related to whether the Tornado Cash computer code had freedom of speech or was protected by the First Amendment of the Constitution. The defendant was not charged for publishing computer code, but for using it to facilitate profitable illegal activities.

  • USDC circulation decreased by $100 million in the past week, with a total circulation of $33 billion

    According to official data，as of May 9th, Circle has issued approximately $2 billion USDC and redeemed approximately $2 billion USDC in the past 7 days, with a decrease in circulation of approximately $100 million. The total circulation of USDC is $33 billion, with a reserve of $33.1 billion, including approximately $3.3 billion in cash and Circle Reserve Fund holding approximately $29.8 billion.

  • SEC rejects Coinbase's request for appeals court ruling on cryptocurrency rules

    The US SEC has rejected Coinbase's request to appeal to the court to review whether traditional securities rules are applicable to cryptocurrencies. In its application, Coinbase stated that it hoped the appeals court would consider whether the Howey test, which has long been used for securities evaluation, should be applied to digital assets. However, the SEC pointed out that Coinbase has not successfully demonstrated the need for such an evaluation. The SEC stated that Coinbase is attempting to create a "new legal test," but this attempt was rejected by the court. The court found that Coinbase's arguments lacked consistency and did not successfully demonstrate the existence of decisive issues. Currently, the judge responsible for hearing the SEC's case against Coinbase will make a ruling on Coinbase's intermediate appeal motion.

  • Colombian President Suspected of Accepting $500,000 in Illegal Crypto Donations

    Colombian President Gustavo Petro is suspected of accepting over $500,000 in digital token donations from a fraudulent cryptocurrency project during his 2022 election campaign. A former contractor revealed that the illegal donation occurred during a meeting in February 2022 that discussed the advantages of cryptocurrency and the possibility of working with the government. This allegation is one of the latest charges faced by President Petro during his election campaign, with the Colombian Prosecutor's Office investigating his campaign last year.

  • Fed's Kashkari: The bar for another rate hike is high, but it cannot be ruled out

    The Federal Reserve's Kashkari expressed a cautious attitude towards restrictive monetary policy; he is adopting a wait-and-see attitude towards future monetary policy; he is in a wait-and-see state to see if inflation is stagnating; the threshold for raising interest rates again is high, but this possibility cannot be ruled out; if inflation data supports it, the Fed will maintain interest rates.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company